Country’s exports decline by 3.8 percent in May 2018

DAVAO CITY (MindaNews / 10 July) – The country’s total exports went down to $5.76 billion in May 2018, a decrease of 3.8 percent from $5.99 billion registered in the same period of last year, a report from the Philippine Statistics Authority (PSA) showed.

The drop was attributed to the decreases in the total exports of at least three out of 10 most exported commodities of the country such as ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, which registered a decline of 40.8 percent; other mineral products (29.5 percent); and electronic equipment and parts (8.6 percent).

It said the electronics registered a revenue of $3.3 billion in May, which increased by at least 2.3 percent from the $3.06 billion exports reported in the same period last year. It remained to be the country’s top export, which accounted for 54.4 percent of the total export revenues.

Semiconductors like components/devices posted the biggest share of 39.9 percent among electronic products, although it registered a slight decrease of 0.1 percent from $2.303 billion in May 2017 to $2.301 billion in May.

The PSA said machinery and transport equipment was the second top export earner with export revenue of $455.48 million, an increase of 24.9 percent from the $364.68 million recorded in May 2017; other manufactured goods placed third with $366.31 million, which rose by 7.0 percent from the $342.43 million of the same period in 2017; metal components with $202.89 million at fourth, growing by 80.9 percent from last year’s $112.14 million.

Fresh bananas ranked fifth among the country’s top exports, with $146.41 million in sales. It grew by 1.6 percent compared to the previous year’s receipts of $144.08 million.

The bulk of the country’s merchandise exports worth $2.8 billion last May 2018 went to countries in East Asia – like China, Japan, and South Korea – falling by 8.4 percent from $3.06 billion in May of the previous year.

Total exports to ASEAN member countries was valued at $887.68 million or a share of 15.4 percent of total merchandise exports while commodities exported to European Unionmember countries comprised 15.2 percent of the total exports in May 2018 or a value of $875.25 million.

Exports to this economic bloc increased by 2.9 percent from the $850.98 million amount posted in the same month of the previous year, the PSA said. (Antonio L. Colina IV / MindaNews)